H&M Distributors, an America-based wholesale distribution firm announced on February 8, 2019, that it will accept cryptocurrencies as means of payment. Through a press release, the company stated that it will accept digital currencies such as Bitcoin (BTC), Dash, Ether (ETH), Litecoin (LTC), and others.

H&M Distributors Say Yes to Crypto

The adoption of cryptocurrencies is moving ahead at a slow but steady pace. Digital currencies such as BTC and DASH have emerged as popular means to store the value in catastrophic economic conditions such as the environment in Venezuela, Turkey, and Argentina.

H&M Distributors’ embracement of cryptocurrencies will allow customers the option to pay for a vast array of products with cryptocurrencies. Retailers around the world will now be able to complete transactions within seconds without having to pay any hefty commission. Doing away with transaction fees will allow H&M Distributors to pass on even more savings to their customers.

Herb Needham, CEO, and founder of H&M Distributions stated:

“After more than 20 years in the business, we consider ourselves experts in specialty lighting.”

He added:

“Accepting cryptocurrency payments allows us to share that expertise with even more clients by removing many of the barriers that made it difficult to sell internationally before. What sold us was the settlement system, which allows us to convert crypto payments to a USD equivalent right away.”

The firm further highlighted the benefits of cryptocurrencies as a means of payment, stating that digital currencies have emerged as an attractive alternative for fiat currencies in the past one decade due to their peer-to-peer and decentralized nature. In fact, it even goes beyond fiat currencies with regard to efficiency, accessibility, and security.

Will 2019 Be the Year of Adoption?

2018 was the year that brought crypto into the mainstream when the nascent industry reached a staggering market cap of $818 billion at its peak. However, the euphoric period was short-lived as the market cap quickly suffered a massive downturn and corrected itself to the current $114 billion mark.

However, crypto adoption has continued to make inroads during this time. BlockchainReporterinformed its audience on November 26, 2018, how the U.S. state of Ohio passed a law which makes it possible to file state taxes in Bitcoin with the IRS.

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After having worked at an IT consultancy as an SAP Finance/FSCM consultant for more than two years, Aisshwarya switched to the decentralized world of cryptocurrencies and the blockchain technology. Currently, Aisshwarya works as the Chief Editor at Blockchain Reporter.

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry. Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin, altcoins, blockchain technology, and cryptocurrency regulations from around the world.